Eaton Vance Municipal Income Trust Reports Earnings Results for the Fourth Quarter and Year Ended November 30, 2011
January 31, 2012 at 03:54 pm EST
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Eaton Vance Municipal Income Trust reported earnings results for the fourth quarter and year ended November 30, 2011. For the quarter, the Trust had net investment income of $5,073,283 or $0.222 per common share. From this amount, the Trust paid dividends on preferred shares of $68,893 equal to $0.003 for each common share, resulting in net investment income after the preferred dividends of $5,004,390 or $0.219 per common share. In comparison, for the three months ended November 30, 2010, the Trust had net investment income of $5,842,673 or $0.259 per common share. From this amount, the Trust paid dividends on preferred shares of $125,975 equal to $0.006 for each common share, resulting in net investment income after the preferred dividends of $5,716,698, or $0.253 per common share. Net realized and unrealized losses were $833,820 or $0.042 per common share. In comparison, net realized and unrealized losses for the three months ended November 30, 2010 were $22,894,078 or $1.006 per common share. Net increase in net assets from operations was $4,171,000 or $0.177 per common share compared to net decrease in net assets from operations of $17,177,000 or $0.753 per common share for the same period a year ago.
For the year, the Trust's net investment income was $22,443,277 or $0.988 per common share, before deduction of the preferred share dividends totaling $0.016 per common share, resulting in net investment income after the preferred dividends of $0.972 per common share. In comparison, the Trust's net investment income for the year ended November 30, 2010 was $23,363,569 or $1.036 per common share, before deduction of the preferred share dividends totaling $0.022 per common share, resulting in net investment income after the preferred dividends of $1.014 per common share. Net realized and unrealized losses were $7,869,967 or $0.352 per common share. In comparison, the Trust's net realized and unrealized gains for the year ended November 30, 2010 were $3,596,321 or $0.169 per common share. On November 30, 2011, net assets of the Trust applicable to common shares were $243,936,427. The net asset value per common share on November 30, 2011 was $10.71. In comparison, on November 30, 2010, net assets of the Trust applicable to common shares were $250,730,834. The net asset value per common share on November 30, 2010 was $11.08. Net increase in net assets from operations was $14,202,000 or $0.620 per common share compared to $26,474,000 or $1.183 per common share for the same period a year ago.
Eaton Vance Municipal Income Trust (the Fund) is a diversified, closed-end management investment company. The Fund's investment objective is to provide current income exempt from regular federal income tax. During normal market conditions, substantially all of the Fund's total assets (at least 80%) will be invested in debt obligations issued by or on behalf of states, territories and possessions of the United States, and the District of Columbia and their political subdivisions, agencies or instrumentalities, the interest on which is exempt from regular federal income tax (municipal obligations). At least 65% of the Fund's total assets will normally be invested in municipal obligations rated at least investment grade at the time of investment, or, if unrated, determined by Eaton Vance Management (EVM) to be of at least investment grade quality. The Fund invests in various sectors, such as education, hospital, electric utilities and housing. The Fund's investment adviser is EVM.